Techcombank’s profit down 1.48% to $472.75m in H1 2025

Net interest income fell, but net interest margin registered a slight increase.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has reported a profit after tax of $472.75m (VND12.36t) for the first six months of 2025, its latest financial statement showed.

This is a 1.48% decrease from the about $480m (VND12.55t) it reported during the same period in 2024.

Total operating income was lower at $931.34m (VND24.35t) in H1 2025, versus VND 25.68t in H1 2024.

Net interest income (NII) amounted to $665.51m (VND17.4t), a 3% year-on-year (YoY) decrease. Net interest margin (NIM) stood at 3.8% by the end of Q2 2025, rising from 3.7% in Q1.

Net fee income was $210.37m (VND5.5t), down 5.4% YoY, on lower letters of credit, remittance, cash & settlements, and card fees. This was offset by investment banking fees and FX sales rising.

IB fees rose 30.2% YoY to $89.11m (VND2.33t), thanks to “robust issuance in the precedent quarters,” the bank said.

In Q2 2025 alone, IB fees was $53.93m (VND1.41t), up 35.5% YoY, and 53.3% quarter-on-quarter (QoQ). This performance was driven by all key business lines, namely brokerage & agency management, margin lending, bond underwriting & distribution and other IB services, Techcombank said.

In contrast, letters of credit, remittance and other cash & settlement fell 40.6% YoY to $49.72m (VND 1.3t) due to the impact of change in accounting treatment for a specific category of pre-funded letters of credit, as well as muted customer demand.

Compared to Q1, this line of income saw a 11.4% growth in Q2, attributable to the adoption of the new trade financing solution called ‘LC purchase without recourse’.

Cards income also fell 24.7% YoY to $29.43m (VND769.4b). Techcombank said that the decline is in line with the industry trend, which pivoted away from debit cards to other payments like QR code.

Techcombank said that it holds the number 1 position in the market for QR codes in H1 2025, according to data from VietQR.

FX sales rose 57.7% YoY to $22.34m (VND584b).

(US$1 = VND26,145.00; as of 22 July 2025, Google, from Morningstar)